These programs have existed for centuries internationally. The longest running program may be the Premium Bond in Britain, started in 1956. The bonds require a £100 minimum purchase and make the purchaser eligible for monthly prize drawings. The excitement of gambling is maintained as more than 1 million prizes are given at each drawing. Prizes range from two £1 million prizes to more than a million £50 prizes. Over £30 billion of savings are held in Premium Bonds by one quarter of British households. Programs in Central and South America give away cars and equivalent prizes daily with larger lotteries drawn monthly. The Million-a-Month-Account program was started by First National Bank in South Africa in 2005.
This program is designed to help lower income households save more. Low-income families in the United States play lotteries and they believe that they are more likely to become rich from lotteries than from saving. Thus, to encourage more savers and savings, consider a saving's product that has a lottery prize drawing. These lottery-linked deposit accounts use each savings deposit (or bond purchased) as a "buy-in" to win lottery prizes selected frequently. The excitement of gambling draws people to start saving. The savers earn a slightly lower interest rate than they could obtain elsewhere. The difference between what they could obtain and what they actually get is the money used for the lottery prizes periodically awarded. This structure appeals to loss-adverse investors. They have the safety of the savings account and the excitement of the potential to win a lottery.